The Manufactured Housing Institute (MHI) informs MHProNews hearings were held March 19 by both the House and the Senate on housing finance reform. Texas Chairman of the House Financial Services Committee Jeb Hensarling stated he wants to abolish Freddie Mae and Freddie Mac and privatize the secondary mortgage market. Acting director of the Federal Housing Finance Agency (FHFA) Edward DeMarco testified at the House hearing the housing recovery is gaining strength, and noted the joint securitization platform that will be used by Fannie and Freddie. South Dakota Chairman of the Senate Banking Committee Tim Johnson expressed concern that privatizing the mortgage market will put homeownership out of the reach of many Americans. Two of the three witnesses at the Senate hearing say the federal government needs to provide a backstop for the GSE market in the future. MHI will continue to monitor Congressional activities to determine their impact on the manufactured and modular housing industry.
(Photo credit: Wikipedia–U. S. Capitol floor)